HCM City seeks funds for 36 flood projects

The investment would be sourced from the State Capital Investment Corporation (SCIC), according to the city.

Le Van Khoa, Vice Chairman of the municipal People’s Committee, said the city was already carrying out a number of flood-prevention projects valued at VND73 trillion (US$3.2 billion), which have been approved by the Prime Minister.

The investment was sourced from the city budget, SCIC, the central budget, official development assistance (ODA), and public-private partnerships (PPP), among others.

Under a programme to tackle floods by 2020, the city said it would revamp drainage systems to deal with floods caused by heavy rains on 8 of 17 flood-prone streets and 60 of 179 alleys.

The city also plans to complete a tidal flood-control project for a 550-square-kilometre basin in an aim to curb flooding on nine roads.

The roads include Luong Dinh Cua, Huynh Tan Phat, Nguyen Van Huong, Hanoi Highway, National Highway 50, Le Van Luong, Tran Xuan Soan, Provincial Road 10, and Road 26.

In the 2019-2020 period, the city will upgrade drainage systems to control flooding on five additional streets and the remaining 119 alleys, and will build three more wastewater treatment plants.

The city said it would strictly punish anyone illegally reclaiming land along rivers, canals, and public water reservoirs.

The city will need VND97.3 trillion to tackle flooding by 2020, according to the HCM City Steering Centre of Urban Flood Control Programme and the city’s Department of Planning and Investment.

The city government will also apply incentives to mobilise capital from society, financial institutions and investors at home and abroad, and will create a land fund to attract investors.

To raise funds for the flood-control projects, it will auction off State-owned premises and factories that have been improperly or wastefully used.